to: separate the retirement savings account providers supervisory levy into a restricted and an unrestricted component; increase the statutory upper limit for the restricted levy component set for the 2005-06 financial year; and alter the calculation of the indexation factor used to establish the statutory upper limits applying in later financial years. Also contains an application provision.

Part of a package of seven bills to implement changes to the financial sector levy setting framework, the bill amends the

Superannuation Supervisory Levy Imposition Act 1998

to: separate the superannuation supervisory levy into a restricted and an unrestricted component; increase the statutory upper limit for the restricted levy component set for the 2005-06 financial year; alter the calculation of the indexation factor used to establish the statutory upper limits applying in later financial years; and allow for levy determinations for different classes of superannuation entity, thereby providing for separate lower minimum levy determinations for small superannuation funds. Also contains an application provision.

to: add certain organisations and include special schools as specifically-listed deductible gift recipients; give irrigation water providers and rural land irrigation water providers access to the water facilities and landcare tax concessions; enable an administrator (in addition to a liquidator) to declare worthless shares and other equity interests for capital gains tax purposes; and amend application of the first child tax offset provisions in relation to adoptive parents;

Fringe Benefits Tax Assessment Act 1986

to extend the fringe benefits tax exemption to costs associated with purchase of a dwelling as a result of relocation;

Superannuation Guarantee (Administration) Act 1992

to remove the superannuation guarantee (SG) reporting requirement, for employers to report employer superannuation contributions to employees, from the SG arrangements;

Income Tax Assessment Act 1997

,

Income Tax (Transitional Provisions) Act 1997

and

Taxation Administration Act 1953

to clarify operation of the consolidation regime; and

Taxation Laws Amendment Act (No. 8) 2003

to correct a commencement provision. Also contains application and transitional provisions.

to reform the Administrative Appeals Tribunal (AAT), particularly in relation to: AAT procedures; removal of restrictions on the constitution of the AAT for particular hearings; increased powers for ordinary members; role of the Federal Court; and expanded qualification requirements for appointment as President. Also makes consequential and related amendments to 18 other Acts and contains application and transitional provisions.

to clarify the interaction between family law and bankruptcy, particularly in relation to the rights of the non-bankrupt spouse and the interests of creditors; and

Bankruptcy Act 1966

to: establish a supervised account regime for the collection by a bankruptcy trustee of a bankrupt’s assessed income contributions; and prevent the use of financial and maintenance agreements to defeat the claims of creditors. Also contains application provisions.

to: incorporate new rules of origin for Thai goods for eligibility for preferential duty rates; and impose certain obligations on Australian exporters and Australian producers of goods who claim preferential tariff treatment in Thailand.

to: provide duty-free access to certain goods and preferential rates of customs duty for other goods that are of Thai origin; phase the preferential rates of customs duty for certain goods to zero by 2015; and provide the mechanism to initiate safeguard measures on sensitive products including canned tuna, processed pineapple and pineapple juice, if necessary. Also makes contingent amendments to the

Customs Tariff Act 1995

and

US Free Trade Agreement Implementation (Customs Tariff) Act 2004

in the event the Australia-United States Free Trade Agreement is not in force for Australia before TAFTA enters into force for Australia.

Further to the accrual budgeting and reporting framework introduced by the

Financial Management Legislation Amendment Act 1999

, the bill amends 112 Acts, including the

Commonwealth Authorities and Companies Act 1997

and

Financial Management and Accountability Act 1997

, to: update, clarify and align financial management and reporting provisions applying to Commonwealth entities; expand information requirements for special account determinations; and transfer from the Treasurer to the Finance Minister powers and functions to approve investments, money raising and guarantees for certain bodies (including power to delegate these powers and functions). Also repeals 28 redundant Acts and contains saving provisions.